Covidien (COV) Announces Restructuring Program and Declared A $0.16 Dividend

Covidien Ltd. (NYSE: COV) announced that it would implement a restructuring program beginning in fiscal 2009 to improve its cost structure and to deliver improved operational growth.

The restructuring program, which includes projects in all four business segments and at corporate, will result in the Company incurring pre-tax charges of approximately $200 million beginning in the first quarter of fiscal 2009. Savings from the restructuring program are estimated at $50 million to $75 million on an annualized basis once the program is completed.

In addition, Covidien announced that its Board declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on November 6, 2008, to shareholders of record on October 9, 2008.

Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence.
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